Trades back higher
The EURUSD tumbled below the 200 bar initially and then shot back higher to new session highs (stalled right at topside trend line resistance. The pair is now trading at the midpoint of the day's range - sort of near the level when the details were released.
The trend line and 50% of the move down from the April 21 high to the low on Monday is at 1.1305. The trend line is at the 1.1300 level. A move below that area is more bearish for the pair with the 200 bar MA on the 4-hour chart still a hurdle to get below.
The will up and down action may keep traders on the sidelines, however, as they digest what just hit them.
